Do you shop online? Do you know someone who does?
If you answered no to both questions, then you can safely move on to other things.
If you answered yes, then you may want to consider the following. You likely have heard of Target, Hannaford, TJX and others being hacked for their credit card data. Recently it was Home Depot and Dairy Queen. Take a moment to consider your electronic purchases.
Do you use a debit card with a VISA logo? You may want to stop using it and obtain a regular credit card.
Why? Simply because then it is not your money. When (not if) your debit card is compromised, they will be depleting your checking or other account. It is your money they are taking. If you have pending transactions, this can be more than just inconvenient to clean up.
When your debit card is compromised there is paperwork you need to complete. You may need to meet with a financial adviser to examine good versus fraudulent charges. Most of all your money is no longer in your account and you have to wait for the charges to be reversed. That said, many financial institutions can provide assistance in making sure the problem is not exacerbated when your mortgage or other payments fail to clear the bank as a result of this problem.
When you shop with a non-debit credit card, it is the bank’s money. You make one phone call, report the fraud and you are done. It is something to think about.
You should also be careful using your checking account routing and account numbers to pay bills online. Make sure your trust who is using this information.
Make sure you do your banking on a computer that is secure and trustworthy. On Monday we will discuss making your computer trustworthy for electronic purchases.
Finally, you should review your accounts regularly, before you receive statement news.
NOTE: If you find yourself a victim of fraudulent charges, you do NOT have to wait for your financial institution to open in the morning. Every network (VISA, MasterCard, American Express, Discover) has toll-free numbers for their world-wide networks. Call them and cancel the account, then contact your financial institution in the morning.
Published: Thu, 02 Oct 2014 12:56:37 +0000 by w.jojo